Microsoft Ventures Partnered With Illusive Network For Deception Technology

Israel based Illusive Network got investment from Microsoft Ventures to strengthen its Deception technology 

Israel: Illusive Networks, a cybersecurity firm headquartered in Tel Aviv, recently announced that it has added Microsoft Ventures as its new strategic investor. The investment will enable Israel based company to focus and expand its business portfolio across the globe.  

An amount of over USD30 Million will be invested by Microsoft Venture in Illusive Network which would be utilized for the development of engineering and support team of the company’s patent-pending deception technology and for expansion of its sales and marketing business.

Illusive Network’s deception technology is implemented in dozens of leading financial institutions, retailers, law firms, healthcare providers and telecommunication companies to protect enterprise against advanced cyber-attacks in United States, Europe & Middle East Africa and Asia Pacific. Organization adopting cloud technology are also facing new set of dynamic technology challenges that require strengthening and improved data security through new deception solutions.    

TechSci Research depicts that the investment by Microsoft Ventures will boost the deception technology business of Illusive Networks. The deception technology plays a vital role in protecting personal and corporate information from data thefts across various end users such as BFSI, law firms, healthcare, etc. Hence, this move will help in increasing the market of deception technology across the globe.

 According to the recent report published by TechSci Research, “Global Deception Technology Market, By Deception Stack, By End User, By Region, Competition Forecast and Opportunities, 2011-2021”, the global market for deception technology is projected to grow at a CAGR of over 10% during 2016-2021, due to growing government concerns over IT security, increasing IT security budgets of organization coupled with growing need for a secure network and encrypted database by enterprises, globally. In 2015, North America was the largest market for deception technology due to rising instances of cyberattacks in the region. TrapX Security, LogRhythm and Rapid7 are few of the leading players operating in the global deception technology market. BFSI, IT & Telecom, Energy & Power, and Retail are the key end user segments, where deployment of deception technology is anticipated to increase in the coming years.